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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEUR Market Wrap
- 2y/10y bunds closed -4bp/-1bp – our DM team flagged the move followed USTs higher on the US PCE report, with the readings still consistent with disinflation progress despite an upward revision in May while there was no material change in ECB cut pricing the back of comments from Schnabel that the ECB is closely watching sticky services prices. WoW move of -17bp/-6bp. Fed preview: https://roar-assets-auto.rbl.ms/files/65477/FedPrevJul2024.pdf.
- Main/XO ended -0.8bp/-5bp at 54.2bp/295bp to give a WoW move of flat/-2bp while €IG/€HY was flat/+1bp for a weekly move of flat/+8bp with Cons Cyc and Energy spreads underperforming slightly at 1-2bp wider.
- SXXP was +0.8% with real estate the only sector in the red for a WoW move of +0.5% (vs. -0.8% for SPX). Notable WoW €IG movers included Mohawk Ind +25%, 3M Co +22%, Bristol-Myers Squibb +18%, SGS SA +16%, Sartorius +15%, Universal Music -24%, Ford -20%, Nissan -14%, Stellantis -13%, UPS -11%.
- SX5E and SPX futures are +-0.5%. UST futures are trading near the best levels for the session, the curve has seen a slight bull-flattening move. The dollar has been weaker, but follow through has been limited. There are June UK lending/M4 data and the July US Dallas Fed index later but little else.
Date | GMT/Local | Impact | Country | Event |
29/07/2024 | 0600/0800 | *** | SE | GDP |
29/07/2024 | 0600/0800 | ** | SE | Retail Sales |
29/07/2024 | 0830/0930 | ** | UK | BOE M4 |
29/07/2024 | 0830/0930 | ** | UK | BOE Lending to Individuals |
29/07/2024 | 1000/1100 | ** | UK | CBI Distributive Trades |
29/07/2024 | 1430/1030 | ** | US | Dallas Fed manufacturing survey |
29/07/2024 | 1530/1130 | * | US | US Treasury Auction Result for 13 Week Bill |
29/07/2024 | 1530/1130 | * | US | US Treasury Auction Result for 26 Week Bill |
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.